1st Edition
Essentials of Healthcare Strategy and Performance Management A Practical Guide for Executives and Emerging Leaders
Leaders of healthcare organizations and students aspiring to become one, should be asking themselves one thing in these financially challenging times: how can they maintain a strategic and competitive advantage over other players in their market? Some healthcare organizations have faced extremely poor financial performance in recent years, with data suggesting that up to 10% of hospitals will go bankrupt or face closure within the next 10 years. Yet, little pragmatic evidence exists to offer insights into how to create better strategies to improve performance, build resiliency and align stakeholders.
Essentials of Healthcare Strategy and Performance Management explores the most critical components of business strategy and performance management for modern, complex healthcare organizations. Using pragmatic and real-world evidence, this book provides essential briefings on key topics that every current or aspiring leader needs to know in order to better manage strategy and achieve improved performance in their hospital or health system. We will also specifically focus on implementation of strategy, and best practices for some of the most important quality management techniques. We hope this book helps inspire leaders to be creative in formulating more effective competitive strategy.
Part I: Strategic Thinking. 16
Chapter 1. Strategy and Competition. 17
The Need for Strategic Thinking. 17
Chapter 2. Strategic Decision-making. 31
Challenge Existing Mindsets. 33
Synthesize and Interpret Confounding Information. 34
Seek Alignment within the Organization. 34
Re-Framing Decision-Making. 40
Steps Toward Strategic Decisions. 43
Chapter 3. Strategic Intelligence. 47
What is Strategic Intelligence?. 47
Strategic Intelligence Framework. 49
Intelligence Parameters: Defining Intentions and Framing the Objectives. 49
Conducting Intelligence Research. 51
Analyzing the Data: Making Sense of the Information. 53
Chapter 4. Strategic Planning. 63
Assess the External Environment 67
Assess the Internal Environment 69
Generate Strategic Alternatives. 71
Chapter 5. Strategic Data Analytics. 75
Analytics for Strategic Planning. 79
Using Data to Perform a Healthcare Environmental Assessment 89
Using Data to Perform an Internal Assessment 101
Part II: Strategic Leadership. 107
The Evolution in Leadership. 108
Qualities of Good Healthcare Leaders. 111
Importance of Leadership Development in Healthcare. 114
Challenges faced by Healthcare Leaders. 115
Chapter 7. Leaders as Entrepreneurs. 121
Creating an Optimistic and Story-Based Culture. 123
Intrapreneurs Unlock Innovation Internally. 128
Benefits of Being Entrepreneurial 129
Overcoming Challenges and Building a Culture of Innovation. 130
Chapter 8. Governance and Boards. 134
Six Factors that Create Better Board Governance. 137
Chapter 9. Growth Strategies. 143
Strategic and Economic Analyses. 145
Rationale Behind Mergers and Acquisitions. 150
Motivations and Intent behind International Growth. 152
PART III: Strategic Execution. 156
Chapter 10: Flawless Execution. 157
Putting Strategy into Action. 158
Leaders Define Success in Practical Terms. 158
Leaders Set Challenging Goals and Monitor Progress. 159
Leaders Recruit and Empower the Right People. 160
Leaders Reward Their Team.. 162
Leaders Adapt When Necessary. 163
Chapter 11. Managing Performance. 168
Toward Operational Excellence. 168
Healthcare Strategy and Performance for Non-Profits. 171
Performance Management Basics. 177
Performance-Based Planning. 177
1. Identify Problems and Gaps. 184
1. Research and Identify Best Practice Organizations. 185
1. Prepare for Benchmarking Visit 186
1. Adopt and Integrate Best Practices. 188
Guidelines for Performance Management 188
Define Success More Carefully. 189
Measure Historical Performance. 189
Forecast Desired Improvement Target 190
Don’t Let Benefits Leak Out 190
Chapter 12: Managing Organizational Quality. 193
Core Components of Quality Management 200
Planning, Control, Improvement 202
Need for Healthcare Improvement 203
Chapter 13: Continuous Performance Improvement 212
Other Tools and Techniques. 230
Chapter 14: The Practice of Strategy. 233
Biography
Dr. James Langabeer is an experienced healthcare professor and leader, passionate about creating and innovating strategic and efficient healthcare systems. Trained as a behavioral decision scientist, he is a prominent researcher in strategic and operational decision-making. He is also the Managing Partner of Yellowstone Research, an independent consultancy providing healthcare strategy consulting, and a clinical leader and tenured Professor at the University of Texas Health Science Center at Houston. His thoughts have been featured in Oprah, Forbes, MoneyGeek, Texas Monthly, NBC, Fox, CBS News, and NPR among others, and he has published well over 100 peer-reviewed journal articles and 7 books. He is a former national Chair of the American Heart Association Ambulatory Quality Committee, and sits on multiple healthcare advisory boards. He holds a PhD in Management Science from the University of Lancaster in England, a Doctor of Education in leadership and organizational psychology from the University of Houston, an MBA from Baylor University, and he has achieved Fellow status in HIMSS, ACHE, and the American Heart Association.